Fahmi proposes Malaysian news channels to sign agreements with social media platforms

KUALA LUMPUR: Malaysian news channels are advised to consider signing commercial agreements with social media platforms due to concerns that advertising revenue is declining, said Communications Minister Fahmi Fadzil.

According to the Wilayahku portal, he stated that annual advertising expenditure in Malaysia is estimated at around RM4.5 billion.

However, he noted that, according to media organizations, approximately RM2.5 billion of this advertising expenditure is now being directed straight to social media platforms, bypassing traditional media channels.

“This has impacted many media organizations. As a result, we are seeing many dedicated journalists who have served for a long time being laid off, which is very concerning,” he said during his press conference.

Meanwhile, Fahmi mentioned that the government will not intervene at this time.

He encouraged media organizations to negotiate with social media platforms to find solutions, such as through commercial agreements.

“At this stage, we do not feel the need to follow the steps of other countries. We need to chart our own course and find a balance, a point of convergence between media organizations and social media platforms,” he said.